Bitshare is not a new player in the digital currency market; it is also hard to explain what Bitshares is since it is more than just a currency payment platform. It touches people in different ways and getting the right definitions and you cannot get the whole of it wrapped in a single explanation.
To understand Bitshares, you need to handle each layer separately and peal it to its pulp. The first Bitshare layer is the software used. This is then inner layer or the core of the entire business, a distributed multi-layer database controlled by public key cryptographic technology.
This is an open source that you can copy but is utterly protected from speech modulation. This layer cannot be manipulated. The database spread cannot be controlled or regulated since it is in the Public domain.
Bitshares is a network which is the next layer. These are simply computers connected to each other across the globe. These help in the synchronization of data from simple commands from the first layer, the database. The minimum numbers that can make the network survive are only two as long as they can use the internet to communicate.
You cannot change the data base since every computer in the network has a copy. This is an immutable public record where the upper layers of Bitshares get support from. Since it is a public record, users can access and make use of it according to set system rules. This connects the system to the Ledger that contains user balances and transaction records.
Bitshares as a company layer has data that monitors ownership of their shares or BTS. It uses a voting system to know who takes care of the network and maintaining the network. There are other tasks that the ‘delegate’ can perform. as a company, Bitshares pays its shareholder and runs the business of transaction processing at a set fee and profit is shared between shareholders as well as buying ‘stock’.
To transact business and grow in the cryptocurrency arena, you need to have affiliates that help you accomplish tasks in the market. To this end, you require exchanges that act on your behalf, however, Bitshares acts as an exchange by allowing user to issue stocks that are distributed and tracked through the distributed ledger.
Another unique layer of Bitshares the banking function. Banks profits from interests charged on their customers. Bitshares on its part creates their currency, BTS, and denominate these to BitAsset known as BitUSD and these are what the system use to create wealth for the company and investors.
The most important layer is the fact that Bitshares is a currency. Anything with value can be used as money and Bitshare uses BitGold, BitSilver, BitUSD and other valuables as assets. As long as an asset s divisible and impossible to counterfeit, it can be used as currency and this is what Bitshares is all about.
